China Education to price Chinese yuan-denominated bonds

By Rebecca Melvin

Concord, N.H., Nov. 30 – China Education Group Holdings Ltd. plans to price Chinese yuan-denominated bonds (expected rating: /AA/), subject to market conditions, according to a company announcement and ratings news release.

Standard Chartered Bank and UBS AG Hong Kong Branch are managing the issue.

Proceeds will be used for the acquisition of universities and/or higher education institutions in China and for the construction of Phase 1 of the new campus for Guangzhou College of Applied Science and Technology (formerly known as Guangzhou Songtian University) in Zhaoqing, China.

Approval in-principle has been obtained from the SGX-ST for the listing and quotation of the bonds on the official list of the SGX-ST.

The Hong Kong-based investment holding company provides private higher education services.

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